3. Masa is an economy of one. As a profit-maximizing producer, he operates MasaFilm, which makes movies (y) using a single input, labor (l), with production function y=6l. As a utility-maximizing consumer, he is the sole owner of Masa Films and so receives its profit, and is the sole supplier of labor to MasaFilm. He likes watching movies and dislikes working, with utility function u=3y29l2. Let the price of movies be 1 and let the price of labor be w. a) Set up and solve MasaFilm's profit maximization problem to find its optimal output yS, its optimal labor demand lD, and its profit , all as a function of w. In a sentence or two, explain in simple terms why it would be worse for MasaFilm to produce a little bit more than yS. b) Set up and solve Masa the consumer's utility maximization problem to find his optimal demand for movies and his optimal supply of labor as a function of w. Thus go on to find and write down a competitive equilibrium in this economy. 3. Masa is an economy of one. As a profit-maximizing producer, he operates MasaFilm, which makes movies (y) using a single input, labor (l), with production function y=6l. As a utility-maximizing consumer, he is the sole owner of Masa Films and so receives its profit, and is the sole supplier of labor to MasaFilm. He likes watching movies and dislikes working, with utility function u=3y29l2. Let the price of movies be 1 and let the price of labor be w. a) Set up and solve MasaFilm's profit maximization problem to find its optimal output yS, its optimal labor demand lD, and its profit , all as a function of w. In a sentence or two, explain in simple terms why it would be worse for MasaFilm to produce a little bit more than yS. b) Set up and solve Masa the consumer's utility maximization problem to find his optimal demand for movies and his optimal supply of labor as a function of w. Thus go on to find and write down a competitive equilibrium in this economy